新股预览：重塑能源

Investment Rating - The report assigns a basic rating of ★★★☆☆ for the company [4]. Core Insights - The company is a leading hydrogen technology enterprise in mainland China, focusing on the design, development, manufacturing, and sales of hydrogen fuel cell systems, hydrogen equipment, and related components, providing one-stop solutions for hydrogen production and end applications [1]. - According to Frost & Sullivan, the company holds the largest market share in the mainland hydrogen fuel cell system market at 23.8% based on sales output power for 2023, and 42.4% for heavy-duty trucks [2]. - The company has expanded its business into the upstream hydrogen industry, developing key components for hydrogen production, including PEM water electrolysis systems and alkaline electrolysis cell electrodes, creating a new business model of "electric-hydrogen-electric" [3]. Financial Data Summary - Revenue for the years ending December 31 is as follows (in billion RMB): - 2021: 5.24 - 2022: 6.05 - 2023: 8.85 - Shareholder profit (attributable) for the same years: - 2021: -5.72 - 2022: -5.05 - 2023: -5.29 [3].